Recent studies suggest that the effects of attending preschool vary by race. These findings are difficult to interpret because the likelihood of enrolling a child in preschool also differs across groups. This study used newly released, nationally representative data to examine whether the impact of preschool participation at age 4 varies across racial groups after accounting for selection differences (N = 7,400). Among a subsample of children living below a poverty threshold, no racial differences in preschool impact are detected. However, findings suggest that nonpoor Black children benefit substantially more from preschool than their nonpoor White or Hispanic peers. Implications of these findings are discussed toward understanding the potential of large-scale preschool interventions for narrowing racial achievement gaps.